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Bolloré Keeps Buying as Aegis Reject Nominations
Havas Chairman Vincent Bolloré has further raised his stock in Synovate's parent company Aegis, and now has around 29% of the firm, following Aegis' rejection of his two nominations for non-executive directors for its Board.
This week Groupe Bollore put forward Philippe Germond and Roger Hatchuel to be elected to the Aegis Board. Aegis have called on shareholders to reject the offer as inappropriate, creating a major conflict of interest. Bolloré has a substantial stake (also 29%) in Havas, a direct competitor to Aegis.
Patrick Kirby, an Analyst from Deutsche Bank, said today that it was 'unlikely that the Bolloré nominations will be successful' and that the Aegis board 'appears to be acting appropriately and robustly against creeping control by Bolloré'.
Aegis has postponed until June 14th its AGM, at which the nominations will be voted on; and is unlikely as a result to present a trading update next week.
If Bolloré's stake reaches 30%, Exchange rules will require him to table an offer. Kirby concludes: 'The minimum cash offer Bolloré can put forward is the highest price at which he has bought Aegis in the market - 143.75p' - whereas Deutsche Bank's own research suggests that Aegis 'is worth at least 165-170p on a takeover basis.'
The companies are online at www.aegisplc.com , www.havas.com and www.db.com for Deutsche Bank.
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